WEST VIRGINIA BUSINESS AND LAW STUDY
What is most important to consider when bidding? - Answer- Profit- you don's want to bid on a job
that will not result in making money.
If an employee was injured bc the contractor overlooked a hazardous situation who is resonsible. -
Answer- Safety laws are the responsibility of the employer.
What color paint is normally used to mark an excavation area? - Answer- White paint
If there is no collective bargaining agreement the employer can pay wages how often? - Answer-
Twice a month
OSHA permit is normally required for trenches that are ------feet or more in-depth in which a
person is required to descend. - Answer- 5
A customer wants to accept a bid but does not have enough money. A wise contract decision
would be to: - Answer- Stick close to your bid even if it means losing the job.
What is not included in the price of your bid when bidding work? - Answer- Worker's compensation
insurance program
A contractor must keep change orders on file by? - Answer- By law
What should be done with the contractor's copy of IRS W-2? - Answer- File the copy in the
contractor's office
State disability and income taxes are reported and paid how often? - Answer- Quarterly
If you get a quote from a material supplier, the quote is: - Answer- Firm on price but may not
include all materials needed.
If an employer accrues more than $500 in federal withholding and social security taxes, tax
deposits must be made? - Answer- Quarterly, based on the calendar year
Who pays federal unemployment insurance? - Answer- The employer
Once a subcontractor signs an unconditional waiver and release. This means that: - Answer- The
subcontractor cannot ask anything more of the owner.
Who is responsible for selecting materials when refilling a first-aid kit for a job site? - Answer-
Doctor
Good accounting records are necessary for? - Answer- Obtaining financing, maintaining financial
statements & effective management
How long must an employer keep records of FUTA and other federal payroll taxes? - Answer- A
minimum of 4 years
, If you include depreciation on your income statement the first year in business, but do not include
it in the second year, how will this affect your net income being reported? - Answer- Your net
income will be greater than it should be in the 2nd year.
If the employee quits without prior notice the contractor must pay wages - Answer- In full, with in 3
days of quitting.
A contractor is offering a job that will last at least 6 months but could continue longer. What should
the contractor tell people interviewing for the job? - Answer- The job is temporary.
Workers compensation insurance covers injuries and illness: - Answer- That are work related.
A contractor in WV must ve licensed when: - Answer- The project exceeds $1000
A contract for the construction of a single-family dwelling must be signed by? - Answer- The owner
and the contractor
An employee would need to fill out a new W-4 form if: - Answer- There is a change in marital
status.
What type of bond guarantees both job completion and payment of subcontractors and suppliers?
- Answer- A contract bond
What must be done when changing "As Built Plans"? - Answer- The owner, contractor and
architect must approve the changes necessary
In your construction business, the secretary handle the accounts receivable, which usually
include? - Answer- Services rendered and payments due.
Who is best qualified to submit plans and specifications? - Answer- The architect
Who is best prepared to submit a financial statement to a bank to obtain a loan? - Answer- The
accountant
Which cost is the easiest for the contractor to control? - Answer- Subcontractor costs are easier to
control than hourly employees paid and direct and indirect labor costs.
Which of the following improvements do not require a building permit? - Answer- Painting inside a
home and wallpaper hanging
Every employee unit is required to submit an Employer's Initial Statement , Form UC-201-B, when
beginning business in WV or succeeding to the business of another employing unit in this state?
True or False - Answer- True
An employee unit which fails to provide reports to the Unemployment Compensation Division is
considered guilty of a misdemeanor and upon conviction may be fined not less than $500 on a first
offense to a fine up to ------- and/or imprisonment up to 2 years for repeat offenders. - Answer-
$25,000
What is most important to consider when bidding? - Answer- Profit- you don's want to bid on a job
that will not result in making money.
If an employee was injured bc the contractor overlooked a hazardous situation who is resonsible. -
Answer- Safety laws are the responsibility of the employer.
What color paint is normally used to mark an excavation area? - Answer- White paint
If there is no collective bargaining agreement the employer can pay wages how often? - Answer-
Twice a month
OSHA permit is normally required for trenches that are ------feet or more in-depth in which a
person is required to descend. - Answer- 5
A customer wants to accept a bid but does not have enough money. A wise contract decision
would be to: - Answer- Stick close to your bid even if it means losing the job.
What is not included in the price of your bid when bidding work? - Answer- Worker's compensation
insurance program
A contractor must keep change orders on file by? - Answer- By law
What should be done with the contractor's copy of IRS W-2? - Answer- File the copy in the
contractor's office
State disability and income taxes are reported and paid how often? - Answer- Quarterly
If you get a quote from a material supplier, the quote is: - Answer- Firm on price but may not
include all materials needed.
If an employer accrues more than $500 in federal withholding and social security taxes, tax
deposits must be made? - Answer- Quarterly, based on the calendar year
Who pays federal unemployment insurance? - Answer- The employer
Once a subcontractor signs an unconditional waiver and release. This means that: - Answer- The
subcontractor cannot ask anything more of the owner.
Who is responsible for selecting materials when refilling a first-aid kit for a job site? - Answer-
Doctor
Good accounting records are necessary for? - Answer- Obtaining financing, maintaining financial
statements & effective management
How long must an employer keep records of FUTA and other federal payroll taxes? - Answer- A
minimum of 4 years
, If you include depreciation on your income statement the first year in business, but do not include
it in the second year, how will this affect your net income being reported? - Answer- Your net
income will be greater than it should be in the 2nd year.
If the employee quits without prior notice the contractor must pay wages - Answer- In full, with in 3
days of quitting.
A contractor is offering a job that will last at least 6 months but could continue longer. What should
the contractor tell people interviewing for the job? - Answer- The job is temporary.
Workers compensation insurance covers injuries and illness: - Answer- That are work related.
A contractor in WV must ve licensed when: - Answer- The project exceeds $1000
A contract for the construction of a single-family dwelling must be signed by? - Answer- The owner
and the contractor
An employee would need to fill out a new W-4 form if: - Answer- There is a change in marital
status.
What type of bond guarantees both job completion and payment of subcontractors and suppliers?
- Answer- A contract bond
What must be done when changing "As Built Plans"? - Answer- The owner, contractor and
architect must approve the changes necessary
In your construction business, the secretary handle the accounts receivable, which usually
include? - Answer- Services rendered and payments due.
Who is best qualified to submit plans and specifications? - Answer- The architect
Who is best prepared to submit a financial statement to a bank to obtain a loan? - Answer- The
accountant
Which cost is the easiest for the contractor to control? - Answer- Subcontractor costs are easier to
control than hourly employees paid and direct and indirect labor costs.
Which of the following improvements do not require a building permit? - Answer- Painting inside a
home and wallpaper hanging
Every employee unit is required to submit an Employer's Initial Statement , Form UC-201-B, when
beginning business in WV or succeeding to the business of another employing unit in this state?
True or False - Answer- True
An employee unit which fails to provide reports to the Unemployment Compensation Division is
considered guilty of a misdemeanor and upon conviction may be fined not less than $500 on a first
offense to a fine up to ------- and/or imprisonment up to 2 years for repeat offenders. - Answer-
$25,000
